No Bids Received For $28 Million Mercer Island Mansion in Luxury Real Estate Auction

The auction held today at the Boulevard Estate in Mercer Island (owned by David Sandwith) did not produce a qualifying bid during the live auction portion of the event. Hosted by JP King, the event was very well-organized, with approximately 40 people in attendance between the hosts, real estate brokers, and potential buyers.

Bidders were informed that although they might be the high bidder, the owner of the home has an unknown reserve price, i.e. he could refuse an offer after the auction, even if it was the high bid. Bidding started at $30 million and dropped to $15.5 million before the auctioneer ended the live auction without a bid, explaining that $15.5MM was the minimum acceptable opening bid. Bidders were encourage to stay after, where they could potentially submit offers to the auction company privately. The home is still available for sale as of today.

The live auction portion of the event probably lasted around 10-15 minutes, with a vase auctioned off for charity to start, followed by the auctioning of the home.